NorthCrest Asset Manangement LLC Buys Shares of 10,020 NIKE, Inc. $NKE

Key Points

• NorthCrest Asset Management LLC acquired a new stake in NIKE, Inc., purchasing 10,020 shares valued at approximately $765,000 in the 2nd quarter.
• NIKE's Chairman, Mark G. Parker, sold 110,000 shares of stock, resulting in an 11.55% decrease in his holdings, valued at nearly $60.9 million post-sale.
• NIKE has announced a quarterly dividend of $0.40 per share, which translates to an annual yield of 2.3%, with a payout ratio of approximately 74.07%.

NorthCrest Asset Manangement LLC purchased a new position in NIKE, Inc. (NYSE:NKE - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,020 shares of the footwear maker's stock, valued at approximately $765,000.

A number of other institutional investors have also recently modified their holdings of the stock. Community Trust & Investment Co. grew its stake in shares of NIKE by 1.7% in the second quarter. Community Trust & Investment Co. now owns 149,462 shares of the footwear maker's stock worth $10,618,000 after acquiring an additional 2,447 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of NIKE by 319.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 743,213 shares of the footwear maker's stock worth $56,774,000 after acquiring an additional 566,204 shares during the last quarter. Tompkins Financial Corp grew its stake in shares of NIKE by 11.4% in the second quarter. Tompkins Financial Corp now owns 6,520 shares of the footwear maker's stock worth $463,000 after acquiring an additional 669 shares during the last quarter. Swedbank AB grew its stake in shares of NIKE by 2.2% in the second quarter. Swedbank AB now owns 974,331 shares of the footwear maker's stock worth $69,216,000 after acquiring an additional 21,320 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of NIKE by 4.5% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 397,322 shares of the footwear maker's stock worth $28,226,000 after acquiring an additional 16,966 shares during the last quarter. 64.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at NIKE

In other news, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $72.29, for a total value of $7,951,900.00. Following the completion of the transaction, the chairman owned 842,361 shares in the company, valued at approximately $60,894,276.69. The trade was a 11.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.80% of the company's stock.

NIKE Price Performance

NYSE NKE traded down $1.22 during trading on Friday, hitting $70.88. 33,397,876 shares of the stock traded hands, compared to its average volume of 10,678,684. The company has a market capitalization of $104.68 billion, a P/E ratio of 32.81, a price-to-earnings-growth ratio of 2.57 and a beta of 1.24. The firm has a 50-day simple moving average of $75.19 and a 200-day simple moving average of $67.50. The company has a quick ratio of 1.50, a current ratio of 2.21 and a debt-to-equity ratio of 0.60. NIKE, Inc. has a 12-month low of $52.28 and a 12-month high of $90.62.

NIKE (NYSE:NKE - Get Free Report) last announced its earnings results on Thursday, June 26th. The footwear maker reported $0.14 EPS for the quarter, topping analysts' consensus estimates of $0.12 by $0.02. The firm had revenue of $11.10 billion during the quarter, compared to analysts' expectations of $10.69 billion. NIKE had a return on equity of 23.33% and a net margin of 6.95%.The company's quarterly revenue was down 11.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.99 EPS. As a group, analysts predict that NIKE, Inc. will post 2.05 EPS for the current year.

NIKE Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be issued a $0.40 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.3%. NIKE's payout ratio is 74.07%.

Analysts Set New Price Targets

Several research firms recently commented on NKE. DZ Bank cut NIKE from a "buy" rating to a "hold" rating and set a $76.00 price objective on the stock. in a research report on Thursday, July 10th. HSBC raised NIKE from a "hold" rating to a "buy" rating and set a $80.00 price objective on the stock in a research report on Friday, June 27th. Needham & Company LLC increased their price objective on NIKE from $66.00 to $78.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Bank of America increased their price objective on NIKE from $80.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Finally, Citigroup raised NIKE from a "neutral" rating to a "positive" rating in a research report on Friday. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, NIKE has a consensus rating of "Moderate Buy" and an average price target of $79.04.

About NIKE

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.